Fixing systemic racism: 19 Black economists you should know about | Fortune

 

As the world grapples with uprooting systemic racism—a conversation catapulted into collective consciousness by the death of George Floyd—it is imperative that Black economists become household names. Their work will move us through the current moment to enable a long-lasting future that upends the oppression in the Black community that subsequently harms the economic system at large.

Economics—a discipline whose core focus is exploring who gets what, where, when, and why—is of great interest to Black people, who too often find themselves on the wrong side of America’s divides in wealth and income. But they’ve faced barriers in matriculating into the profession, as Lisa Cook and Anna Gifty Opoku Agyeman noted in their recent New York Times article, “It Was a Mistake For Me To Choose This Field.” The most recent data, from 2017, show that only 3.2% of doctoral degrees in economics are awarded to Black people each year. More than 52% of Black economists experience racism and/or discrimination, according to a 2019 report by the American Economics Association, and less than half of one percent of all top economics papers across a 30-year-period explicitly address race/ethnicity.

Nearly 100 years have passed, and not much has changed, since America’s first Black economist, Dr. Sadie T.M. Alexander, obtained her PhD from the University of Pennsylvania in 1921. She aimed to champion economic inclusion and justice, despite being denied the ability to practice as an economist in the pre-Civil Rights era. Even though she was deliberately excluded from the profession, she continued to use her economic expertise to recommend better policies for the working class such as the federal jobs guarantee, a concept embraced by President Franklin D. Roosevelt that has been a foundational concept in progressive politics ever since.

Scholars Julianne Malveaux and Nina Banks have been committed to unearthing Alexander’s legacy through her speeches. Her passion for using economics to serve marginalized voices through policy is a common thread that connects the earliest work of Black economists as well as current scholars in the field. Phyllis Ann Wallace, the first woman to receive doctorate of economics at Yale University, focused on racial, as well as gender discrimination in the workplace. Abram Lincoln Harris, who published major economic studies in the 1920s and 1930s, made it a point to focus on “class analysis, black economic life, and labor to illustrate the structural inadequacies of race and racial ideologies.”

To turn the tide against blatant exclusion in their field, today’s Black economists have been keen on supporting pipeline efforts through a variety of organizations including The National Economic Association, the American Economic Association, the Committee on the Status of Minorities in the Economics Profession (CSMGEP), the Women’s Institute for Science, Equity and Research, and The Sadie Collective.

The list presented here, on Juneteenth, serves as a means to center and celebrate the work of Black economic experts across various specializations—both emerging and well-established. Their research and policy analysis should inform public discourse not only on how to improve the Black community’s reality, but in turn to make policy that is better for everyone. Please note: This list is certainly not exhaustive.

Each economist’s name is followed by their main area of specialization, in parentheses.

Juneteenth-Black Economists-Dania Francis

Bryan Frank

Dania Francis (Education) is a professor at the University of Massachusetts, Amherst whose work spans from the implications of educational outcomes for Black females based on the perceptions of Black girls in the classroom to economic reparations for African Americans. Her research interests include labor economics, public finance, economics of education, and racial and ethnic economic disparities.

Juneteenth-Black Economists-Peter Blair

Courtesy of Brown Dog Studio

Peter Q. Blair (Education and the Future of Work) is on the faculty in the Graduate School of Education at Harvard University, where he co-directs the Project on Workforce. He serves as a faculty research fellow of the National Bureau of Economic Research (NBER) and the Principal Investigator of the BE-Lab, a research group with partners from Harvard University, Clemson University, and University of Illinois Urbana-Champaign. His group’s research focuses on the link between the future of work and the future of education, labor market discrimination, occupational licensing, and residential segregation.

Juneteenth-Black Economists-Williams-Jhacova Williams

EPI

Jhacova Williams (Race and Inequality) is an economist for the Economic Policy Institute’s Program on Race, Ethnicity, and the Economy (PREE). In this capacity, she explores the role of structural racism in shaping racial economic disparities in labor markets, housing, criminal justice, higher education, and other areas that have a direct impact on economic outcomes. Williams’s research has focused on Southern culture and the extent to which historical events continue to impact the political behavior and economic outcomes of Southern Blacks.

Juneteenth-Black Economists-Kristen Broady

Courtesy of Kristen Broady

Kristen Broady (Race and Inequality) is the dean of the College of Business and Barron Hilton Endowed Professor of Financial Economics at Dillard University. She is also the proprietor of KBroad Consulting. Her most recent publications include “Passing and the Costs and Benefits of Appropriating Blackness,” “Dreaming and Doing at Georgia HBCUs: Continued Relevancy in Post Racial America” and “Race and Jobs at High Risk to Automation.”

Juneteenth-Black Economists-WILLIAM DARITY

Justin Cook for The Wall Street Journal

William Darity, Jr.(Race and Inequality) is the Samuel DuBois Cook Professor of Public Policy, African and African American Studies, and Economics and the director of the Samuel DuBois Cook Center on Social Equity at Duke University. He has served as chair of the Department of African and African American Studies and was the founding director of the Research Network on Racial and Ethnic Inequality at Duke. With well over 300 publications, Darity launched the sub-field of stratification economics in 2005. Darity’s research focuses on inequality by race, class and ethnicity, schooling and the racial achievement gap, North-South theories of trade and development, skin shade and labor market outcomes, the economics of reparations, the Atlantic slave trade and the Industrial Revolution, the history of economics, and the social psychological effects of exposure to unemployment. His most recent book, co-authored with A. Kirsten Mullen is From Here to Equality: Reparations for Black Americans in the Twenty-First Century.

Juneteenth-Black Economists-Darrick Hamilton

Courtesy of Darrick Hamilton

Darrick Hamilton (Race and Inequality), one of the country’s leading economists examining racial disparity, will serve as the founding director of the newly created Institute for the Study of Race, Stratification and Political Economy at The New School. His research spans the gamut from stratification economics through economic and social policy, race, ethnicity and colorism, education, health, labor, asset and debt markets and family formation. His TED Talk, with over 1.5 million views, incited much conversation during the past presidential election season about how to end inequality in America.

Juneteenth-Black Economists-Trevon Logan

Courtesy of Trevon Logan

Trevon Logan (Economic History) is the Hazel C. Youngberg Trustees Distinguished Professor in the Department of Economics at The Ohio State University. As the youngest president of the National Economic Association to date, he specializes in economic history and applied demography. He obtained his PhD in Economics from the University of California, Berkeley.

Juneteenth-Black Economists-Willene Johnson

Courtesy of Willene Johnson

Willene Johnson (International Economics) is president of Komaza, Inc., a consulting firm that offers instruction and advice on economic and financial development, including microfinance, security sector resource management, and the role of economics in conflict management. Johnson has worked extensively in Africa, where she was first a volunteer teacher and more recently the U.S. executive director at the African Development Bank. She worked for twenty years in the Federal Reserve System, where her assignments included both research and operational responsibilities in international financial markets.

Juneteenth-Black Economists-Peter Blair Henry

Courtesy of NYU Leonard N. Stern School of Business

Peter Blair Henry (International Economics) is a former dean of New York University’s Leonard N. Stern School of Business, where he is now the William R. Berkley Professor of Economics and Business. He’s the author of TURNAROUND: Third World Lessons for First World Growth. His research interests include international finance, emerging markets, international economic policy, globalization & trade, and macroeconomics.

Juneteenth-Black Economists-Susan Collins

Austin Thomaso/Michigan Photography

Susan Collins (International Economics) is the interim vice provost at the University of Michigan. She joined the Michigan faculty in 2007, serving as the Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy until 2017. Before coming to Michigan, she was on the economics faculty at Georgetown University and Harvard University, and a senior fellow at the Brookings Institution (where she retains a nonresident affiliation). She is an international economist whose research interests center on understanding and fostering economic growth in industrial, emerging market, and developing countries.

Juneteenth-Black Economists-Sandile Hlatshwayo

Courtesy of Sandile Hlatshwayo

Sandile Hlatshwayo (International Economics) has research interests in the areas of international trade, international finance, and macroeconomics. She is an economist at the International Monetary Fund, where she helps identify and evaluate global risks through predictive modeling, text-based analytics, and strategic foresight tools (e.g., scenario planning). She also sits on the board of Black Professionals in International Affairs and serves as an inaugural member of the American Economic Association’s Committee on the Status of LGBTQ+ Individuals in the Economics Profession.

Juneteenth-Black Economists-ebonya washington

Michael Marsland

Ebonya Washington (Public Finance), a professor at Yale University, specializes in political economy. Her work explores the formation of political attitudes and how marginalized populations use the political system to attain economic needs. In a recent paper she turns her lens on her own profession, asking what economists can do to increase racial and ethnic diversity in their ranks.

Juneteenth-Black Economists-Damon Jones

Courtesy of University of Chicago

Damon Jones (Public Finance) is an associate professor at the University of Chicago Harris School of Public Policy. He conducts research at the intersection of three fields—public finance, household finance, and behavioral economics—and focuses on topics of inequality. He was a post doctoral fellow at the Stanford Institute for Economic Policy Research (2009–2010) and is a Faculty Research Fellow at the National Bureau of Economic Research.

Courtesy of Julianne Malveaux

Julianne Malveaux (Public Finance) has long been recognized for her progressive and insightful observations. As a labor economist, Malveaux has been described by Cornel West as “the most iconoclastic public intellectual in the country.” Her contributions to the public dialogue on issues such as race, culture, gender, and their economic impacts are shaping public opinion in 21st century America. She is the 15th president of the historically Black all women’s school Bennett College. Her notable works include writings on race, class, and Black women’s economics.

Juneteenth-Black Economists-William Spriggs

Courtesy of William Spriggs

William Spriggs (Labor Economics) is the former assistant secretary for the Office of Policy at the U.S. Department of Labor. He currently serves as the chief economist to the AFL-CIO and has been professor of economics at Howard University since 2012. Spriggs’s economic expertise lies in workforce issues, labor, tax and public policy. Prior to his position at AFL-CIO, he led economic policy development at several think tanks such as the Economic Policy Institute and the National Urban League. He has also held roles at the Department of Commerce, the Small Business Administration and the Economic Committee of the U.S. Congress.

Juneteenth-Black Economists-Ellora Derenoncourt

JM Photo

Ellora Derenoncourt (Labor Economics) is an economist with research interests in labor economics, economic history, and inequality. She is currently a postdoctoral research associate in the Industrial Relations Section in the Department of Economics at Princeton University. In July 2020, she will join the University of California, Berkeley, as an assistant professor in the Department of Economics and the Goldman School of Public Policy.

Juneteenth-Black Economists-Michelle Holder

Courtesy of John Jay College City University of New York

Michelle Holder (Labor Economics) is an assistant professor of Economics at John Jay College, City University of New York. Prior to joining the John Jay faculty, she worked as an economist for a decade in both the nonprofit and government sectors. Her research focuses on blacks and women in the American labor market, and her economic policy reports have been covered by the New York Times, the Wall Street Journal, the New York Amsterdam News, and El Diario. Her first book, African American Men and the Labor Market during the Great Recession, was released in 2017.

Juneteenth-Black Economists-Valerie Wilson-EPI

Valerie Wilson (Labor Economics) is the director of the Economic Policy Institute’s Program on Race, Ethnicity, and the Economy (PREE), a nationally recognized source for expert reports and policy analyses on the economic condition of America’s people of color. Prior to joining EPI, Wilson was an economist and vice president of research at the National Urban League Washington Bureau. She has written extensively on various issues impacting economic inequality in the United States—including employment and training, income and wealth disparities, access to higher education, and social insurance.

Juneteenth-Black Economists-Dr. Lisa Cook

Courtesy of Dr. Lisa Cook

Lisa Cook (Macroeconomics) is a professor in the Department of Economics and in International Relations at Michigan State University. Among her current research interests are economic growth and development, financial institutions and markets, innovation, and economic history. She was a National Fellow at Stanford University and served in the White House as a Senior Economist at the Council of Economic Advisers under President Obama. She also served as President of the National Economic Association and is currently Director of the American Economic Association Summer Program.

Fanta Traore is an MPP and MBA candidate at Yale University. She co-founded the Sadie Collective, which addresses the underrepresentation of Black women in economics and related fields. Follow her on Twitter and Instagram @TheFantaTraore.

Proud to note that of these 5 are OUR COMMON GROUND Voices (guest on our broadcast).

Drs. Lisa Cook,William Darity, Darrick Hamilton,Peter Blair Henry, Willene Johnson and William Spriggs.

 

Source: Fixing systemic racism: 19 Black economists you should know about | Fortune

From Here to Equality | William A. Darity Jr. | A. Kirsten Mullen ::: University of North Carolina Press

Racism and discrimination have choked economic opportunity for African Americans at nearly every turn. At several historic moments, the trajectory of racial inequality could have been altered dramatically. Perhaps no moment was more opportune than the early days of Reconstruction, when the U.S. government temporarily implemented a major redistribution of land from former slaveholders to the newly emancipated enslaved. But neither Reconstruction nor the New Deal nor the civil rights struggle led to an economically just and fair nation. Today, systematic inequality persists in the form of housing discrimination, unequal education, police brutality, mass incarceration, employment discrimination, and massive wealth and opportunity gaps. Economic data indicates that for every dollar the average white household holds in wealth the average black household possesses a mere ten cents.

In From Here to Equality, William Darity Jr. and A. Kirsten Mullen confront these injustices head-on and make the most comprehensive case to date for economic reparations for U.S. descendants of slavery. After opening the book with a stark assessment of the intergenerational effects of white supremacy on black economic well-being, Darity and Mullen look to both the past and the present to measure the inequalities borne of slavery. Using innovative methods that link monetary values to historical wrongs, they next assess the literal and figurative costs of justice denied in the 155 years since the end of the Civil War. Finally, Darity and Mullen offer a detailed roadmap for an effective reparations program, including a substantial payment to each documented U.S. black descendant of slavery. Taken individually, any one of the three eras of injustice outlined by Darity and Mullen–slavery, Jim Crow, and modern-day discrimination–makes a powerful case for black reparations. Taken collectively, they are impossible to ignore.

Source: From Here to Equality | William A. Darity Jr. | University of North Carolina Press

Overdue reparations is the key to closing the racial wealth gap II Dr. William “Sandy”Darity

Overdue reparations is the key to closing the racial wealth gap

Dr. William Darity‘s congressional testimony lays a path to fix historic inequity that produces unequal outcomes for blacks

Dr. Willliam “Sandy” Darity, Samuel DuBois Cook Center on Social Equity at Duke University.

The case for black reparations must be anchored on three phases of grievous injustice inflicted upon enslaved blacks and their descendants. First is the atrocity of slavery itself.

The case for black reparations must be anchored on three phases of grievous injustice inflicted upon enslaved blacks and their descendants. First is the atrocity of slavery itself. Second are the atrocities exercised during the nearly century-long period of legal segregation in the U.S. (the “Jim Crow” era). Third are the legacy effects of slavery and Jim Crow, compounded by ongoing racism manifest in persistent health disparities, labor market discrimination, mass incarceration, police executions of unarmed blacks (de facto lynchings), black voter suppression, and the general deprivation of equal well-being with all Americans. Therefore, it is a misnomer to refer to “slavery reparations,” since black reparations must encompass the harms imposed throughout American history to the present moment — both slavery and post-slavery, both Jim Crow and post-Jim Crow — on black descendants of American slavery. It is precisely that unique community that should be the recipients of reparations: black American descendants of persons enslaved in the U.S.

Second are the atrocities exercised during the nearly century-long period of legal segregation in the U.S. (the “Jim Crow” era).

In a 2003 article written with Dania Frank Francis, and, more recently, in work written with Kirsten Mullen, we have proposed two criteria for eligibility for black reparations. First, an individual must demonstrate that they have at least one ancestor who was enslaved in the U.S. Second, an individual must demonstrate that for at least 10 years prior to the onset of the reparations program or the formation of the study commission, whichever comes first, they self-identified as black, Negro or African-American. The first criterion will require genealogical documentation — but absolutely no phenotype, ideology or DNA tests. The second criterion will require presentation of a suitable state or federal legal document that the person declared themselves to be black.

iStockphoto.

… it is a misnomer to refer to “slavery reparations,” since black reparations must encompass the harms imposed throughout American history to the present moment

I also recommend, like the Commission on Wartime Relocation and Internment of Civilians, the commission on reparations proposals commission should be appointed exclusively by the Congress. The commission appointees should be experts in American history, Constitutional law, economics (including stratification economics), political science and sociology. These appointees must have expert knowledge on the history of slavery and Jim Crow, employment discrimination, wealth inequality, health disparities, unequal educational opportunities, criminal justice and mass incarceration, media, political participation and exclusion, and housing inequities. The commission also should include appointees with detailed knowledge about the design and administration of prior reparations programs as guidelines for structuring a comprehensive reparations program for native black Americans.

Where do we go from here?

What would it take to bridge the black-white wealth gap?
A Q & A with Duke University economist William ‘Sandy’ Darity, who has some radical—yet doable—ideas
mlk50.com
Reparations well-intentioned, but insufficient for the debt owed
City of Memphis gives $50,000 each to the 14 living black sanitation workers from the 1968 strike
mlk50.com
The Loebs : Exploited black labor and inherited white wealth
Penny-pinching Loeb ancestors kept wages flat for 25 years as black laundresses did “miserable” work
mlk50.com

Source: Overdue reparations is the key to closing the racial wealth gap

U.S. begins paying out reparations from France to Holocaust survivors and their heirs – The Washington Post

“Transportation U.S. begins paying out reparations from France to Holocaust survivors and their heirs Add to listBy Katherine Shaver September 15, 2016The State Department has paid or approved 90 claims for a total $11 million in reparations from France to former World War II prisoners who were carried to Nazi death camps in French trains — the first French reparations paid to Holocaust survivors living in the United States, officials said Thursday.

The payments apply to Holocaust survivors who were deported from France to concentration camps on stifling trains operated by the state-owned French railway, SNCF, or, if the survivors have died, to their spouses or heirs. It is the first French compensation to Holocaust survivors who settled in the United States as well as Israel, Canada and other countries that haven’t had a reparations agreement with France.It’s also the first World War II reparations program to include heirs considered to be “standing in the shoes” of people who died before receiving compensation for the atrocities they or their spouses endured, State Department officials said.

“In many ways, this is belated justice for the worst crimes in history,” said Stuart Eizenstat, the State Department’s special adviser for Holocaust issues. “But it also underscores a long relationship with France.”SNCF was paid to transport 76,000 Jews and other prisoners, usually with no food and only a bucket for a toilet, to Nazi camps. All but about 2,000 were killed.[Video: On a French train to Auschwitz, a daring leap for survival]While the French government has paid more than $6 billion in Holocaust reparations since 1948, including to deportees, those payments previously covered only French citizens and those of four countries that had bilateral agreements with France.More than 700 claims have been filed under a 2014 agreement between the United States and France in which the French government pledged a total $60 million for the deportations carried out by SNCF, officials said.

In exchange, the U.S. government agreed to ask courts to dismiss any U.S. lawsuits against SNCF or the French government.U.S. Jewish groups and aging Holocaust survivors have pushed for French reparations since at least 2000, both through class-action lawsuits and state and federal legislation. However, their cause gained political traction in 2010, when survivors began protesting SNCF and a company in which it holds a majority stake, Paris-based Keolis, as they pursued state and federal rail projects.

Survivors said SNCF and Keolis shouldn’t be awarded U.S. contracts supported by their tax dollars until they had been compensated.So far, Eizenstat said, 29 Holocaust deportees have received $204,000 each, while 11 spouses of those who died in Nazi concentration camps or before 1948 are receiving $51,000 each. Spouses of Holocaust victims who died in or after 1948 — the start of France’s own Holocaust reparations fund for French citizens — will receive $750 for each year that the survivor lived after 1948.

Source: U.S. begins paying out reparations from France to Holocaust survivors and their heirs – The Washington Post

The b[B]lack woman who launched the modern fight for reparations – The Washington Post

“Indeed, b[B]lack women have been at the center of the push for reparations for more than a century. Excluding them from the reparations debate blinds us to the multifaceted modern movement.”

“The reparations hearings in the House of Representatives last week turned contentious as experts such as writer Ta-Nehisi Coates traded barbs with politicians, including Senate Majority Leader Mitch McConnell. The bill at the heart of the hearings, H.R. 40, first introduced by Rep. John Conyers Jr. in 1989, would create a commission to study and develop proposals for reparations for descendants of slaves.While Conyers should be lauded for his original efforts to introduce this legislation, this month’s hearings would not be possible without Audley “Queen Mother” Moore, the founder of the modern reparations movement. Indeed, b[B]lack women have been at the center of the push for reparations for more than a century. Excluding them from the reparations debate blinds us to the multifaceted modern movement. It also runs the risk of omitting some of the most generative and inventive reparations proposals developed to date.The debate over reparations is not new.

Since the Civil War, b[B]lack Americans have been imploring the federal government to rectify years of racial terror and prejudice. Some followed Callie House, an ex-slave turned reparations organizer who formed the National Ex-Slave Mutual Relief, Bounty and Pension Association to mobilize freed men and women to lobby Congress for pensions and land in the late 1800s. Others called on the federal government to make good on Special Field Order No. 15, a short-lived Civil War-era law that redistributed confiscated Confederate land to former slaves in 40-acre plots. By the turn of the century, the phrase “40 acres and a mule” became a catchall term for reparations claims.”

Source: The black woman who launched the modern fight for reparations – The Washington Post

Slavery Reparations Could Cost Up to $14 Trillion, According to New Calculation

The Permanent Memorial to Honor the Victims of Slavery and the Transatlantic Slave Trade, in New York City, acknowledges a tragic chapter in the nation’s history. Some have argued that reparations for slavery would help heal long-festering racial strife. EDUARDO MUNOZ / REUTERS

” In 1865, toward the end of the Civil War, Union Army General William Tecumseh Sherman promised slaves that they’d receive 40 acres and a mule. Land was even set aside, but the promise was recanted by President Andrew Johnson. Ever since, the issue of reparations has come up many times, often fiercely debated. Although most Americans generally don’t support reparations, according to University of Connecticut researcher Thomas Craemer, it matters greatly how the question is worded, who would get reparations and in what form. For example, the idea of reparations paid in educational benefits are more popular than others, Craemer says.

On the other hand, one of the cases often made against reparations is that it’d be impractically difficult to calculate how to fairly take and give so many years after the fact. But in a new paper, published in the journal Social Science Quarterly, Craemer makes the case that there are other examples of historical reparations paid many decades later after “damages” were incurred. He also has come up with what he says is the most economically sound estimate to date of what reparations could cost: between $5.9 trillion and $14.2 trillion.

Craemer came up with those figures by tabulating how many hours all slaves—men, women and children—worked in the United States from when the country was officially established in 1776 until 1865, when slavery was officially abolished. He multiplied the amount of time they worked by average wage prices at the time, and then a compounding interest rate of 3 percent per year (more than making up for inflation). There is a range because the amount of time worked isn’t a hard figure.

Previous estimates of reparations have ranged from around $36 billion to $10 trillion (in 2009 dollars), Craemer says. Those calculations mostly looked at wealth created by slaves as opposed to services provided, resulting in underestimates. Craemer believes that “the economic assumptions underlying [his method] are more sound” than those used in previous papers.

The paper also illustrates several historical examples in which reparations were paid, many decades later, despite being initially unpopular—showing that repayment of age-old claims is not without precedent . . .

Reparations will never bring one life back, and it’s totally inadequate to the terror of the [past], but having a meaningful symbol of reparations is a good thing, not just for recipients but for the people who provide it,” he says.”

Source: Slavery Reparations Could Cost Up to $14 Trillion, According to New Calculation

We Have the Means to Fund Reparations. Where Is the Political Will?

. . . Between 1983 and 2016, the median net worth for Black Americans actually went down by 50 percent. Paired with a growing Latinx population that also lags far behind whites in household wealth, the U.S.’s overall median wealth trended downward over those decades, even as median white wealth increased.These trends go hand-in-hand with the rigging of the overall economy. Over the last 30 years, the wealthiest 20 percent of households have captured almost 97.4 percent of all increases in wealth, leaving only scraps for the rest.To repair these breaches — between Black and white, as well as between the rich and the rest — we must restore the wealth of communities that were literally used as a foundation of the nation’s wealth, while being prohibited from building their own.

As Ta-Nehisi Coates wrote in his groundbreaking case for reparations in The Atlantic, reparations are “the price we must pay to see ourselves squarely.”It won’t be an easy task. But it’s by no means insurmountable.”

Source: We Have the Means to Fund Reparations. Where Is the Political Will?

INCREASING PUBLIC POWER TO INCREASE COMPETITION: A FOUNDATION FOR AN INCLUSIVE ECONOMY

INCREASING PUBLIC POWER TO INCREASE COMPETITION:  A FOUNDATION FOR AN INCLUSIVE ECONOMY

ISSUE BRIEF BY WILLIAM DARITY JR., DARRICK HAMILTON, AND RAKEEN MABUD
MAY 2019

Executive Summary

The United States needs an economy grounded in justice and morality, where everyone, free of undue resource constraints, can prosper. To achieve this, citizens ought to have universal access to undeniable economic rights, such as the right to employment, medical and health care, high quality education, sound banking and financial services, or a meaningful endowment at birth (Paul, Darity, Hamilton 2018). Currently, our system provides these rights primarily through the “free market” by private providers, but these private companies often fail to meet the following criteria:

•   Quantity: Are goods adequately supplied?
•   Quality: Are the goods high quality?
•   Access: Do people have adequate access to these goods?

Because of the failure of America’s markets-first approach to policy, the federal government should intervene by introducing public options that provide these essential goods and services in direct competition with private firms. Doing so will set “floors” on wages and quality and “ceilings” on price for private actors who are intent on providing important economic rights at a cost. In employment, this might mean providing a federal jobs guarantee (FJG); in financial services, this could mean access to bank accounts and safe, nonpredatory loans. Throughout this issue brief, we explore what public options might look like in employment, health, housing, education, and financial services. We argue that in these sectors, public options are necessary to combat high-cost, low-quality provision by private actors and ensure universal and better quality access to all Americans.

Full Report here.   https://rooseveltinstitute.org/wp-content/uploads/2019/04/RI_Increasing-Public-Power-to-Increase-Competition-brief-201905.pdf

CREATIVE COMMONS COPYRIGHT 2019 | ROOSEVELTINSTITUTE.ORG

The report features the work of OUR COMMON GROUND Voices, Drs. William “Sandy” Darity and Darrick Hamilton

Darity Hamilton